Rank, an integrated financial services and wealth management platform, has launched three new community-powered financial services products – Money Circles, Tribe and Perks, designed to dismantle structural barriers to wealth creation for young Africans.
By tapping into the trust networks that already exist and new trust networks underpinned by cutting-edge digital security and verification, these new products make it easier for young Africans to access zero-interest capital to support their entrepreneurial and personal ambitions.
Africa is home to the youngest workforce in the world, yet even its formal wage earners face a steep challenge accessing capital. Traditional banks reject up to 80 percent of consumer loan applications due to strict collateral requirements, such as land titles or assets worth up to 150 percent of the loan value, that young professionals early in their careers often cannot meet.
As a result, many are forced into predatory digital lending apps with triple-digit
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